SME Tax News

The annual review of the Investing in Women Code shows that significant steps have been made in increasing lending to women entrepreneurs in 2021 but that the percentage of women-led business applying for funding remains behind all-male founder teams.

There are signs that the Treasury’s Women In Finance Charter could be losing momentum. For the first time in six years of operation, the percentage of females at the top of financial institutions has remained flat at just 33% in 2021 compared to 2020. 

Despite registering to vote and voting in equal numbers to men, women still only make up only one-third of MPs in the House of Commons and even fewer are standing Peers in House of Lords.

The government has launched a call for evidence, ‘Developing a tourist accommodation registration scheme in England’ as part of its ‘Tourism Recovery Plan’. This seeks to explore the benefits and challenges presented by the rise in short-term and holiday letting as seen in England over the last 10 to 15 years. 

In Ruhal Islam v HMRC [2022] TC08513, the First Tier Tribunal (FTT) upheld the appeal against discovery assessments imposing almost £300,000 in tax. It was on the basis that the till receipts that formed the assessment, using the presumption of continuity, were actually fabricated to increase the value of the business for a potential sale.

HMRC have released a new consultation, 'Raising standards in tax advice: protecting customers claiming tax repayments'. It seeks views on ways in which HMRC can legislate to protect taxpayers from the conduct of some unscrupulous tax repayment agents.

In Quayviews Limited v HMRC [2022] TC08515, the First Tier Tribunal (FTT) quashed late filing penalties imposed on an employer who had submitted its RTI returns between two and five months early: it had reasonable excuse for not submitting the returns 'on time'. HMRC has not advised that very early filing was not allowed and HMRC's software allowed it.

HMRC has issued draft legislation for consultation for the new temporary Energy (Oil and Gas) Profits Levy which was announced last month.